Nigerian fintech startup, Moove, has acquired Brazilian car rental company Kovi in an all-share deal. The acquisition propels Moove’s annual revenue to $275 million and expands its fleet to 36,000 vehicles operating across 19 cities worldwide.
Moove received backing from Uber in a $100 million Series B round last year valuing the company at $750 million. Per the deal, Moove will maintain Kovi’s brand and existing management team in Brazil and Mexico. The deal is currently awaiting approval from Brazilian antitrust authorities.
Founded in 2020 in Lagos, Nigeria, Moove has transformed from a small operation of 76 cars into a major global player in mobility solutions. The company provides vehicle financing to ride-hailing and delivery drivers across six continents, offering various services including drive-to-own programs and autonomous vehicle operations.
Kovi, a Y Combinator-backed startup founded in 2018, brings its proprietary technology and advanced driver behavior algorithms to Moove’s operations. This technology is expected to enhance Moove’s artificial intelligence (AI) mobility strategy, improving fleet management and ride-hailing services.
“Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world,” said Ladi Delano, Moove’s co-founder and co-CEO. The acquisition gives Moove a strong foothold in Latin America’s largest ride-hailing market.
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The deal turns Kovi’s existing investors, including Valor Capital and Prosus Ventures, into Moove shareholders. Kovi’s CEO, Adhemar Milani Neto, expressed enthusiasm about the merger, highlighting the companies’ shared purpose-driven approach and potential for global impact.
This acquisition follows Moove’s recent partnership with Waymo to provide driverless vehicle fleet operations in Phoenix and Miami, further solidifying its position in the global mobility sector.